Ohio Department Of Development Announces Historic Preservation Tax Credit Awards

Columbus, OH, November 15, 2007  — Lieutenant Governor Lee Fisher today announced 11 awards through the Ohio Historic Preservation Tax Credit program, which awards refundable tax credits to owners of historic buildings who renovate and rehabilitate the buildings in preparation for commercial or residential uses. The $120 million Ohio Historic Preservation Tax Credit program will provide recipients tax credits equal to 25% of qualified rehabilitation expenditures. Ohio’s Historic Preservation Office must determine that rehabilitation plans comply with United States Interior Department Standards for Treatment of Historic Properties.

“Ohio’s communities are full of unique historic buildings that are irreplaceable and vital to preserving the history and heritage of those communities. The re-development of these buildings not only preserves a community asset, but holds great potential for spurring economic development and creating jobs,” said Lt. Governor Fisher, who also serves as Director of the Ohio Department of Development. “We are pleased that Ohio’s historic building owners are finding new, creative 21st-century uses for historic properties, and embracing the Strickland-Fisher Administration’s fix-it-first principles to revitalize and enhance existing places and infrastructure.”

The 11 recipients announced today will invest more than $147 million combined in projects to rehabilitate historic buildings for re-development. 103 applications for the Ohio Historic Preservation Tax Credit program have been submitted to date, and review of the remaining applications by the Department and Ohio’s Historic Preservation Office continues.

A list of the Ohio Historic Preservation Tax Credit recipients announced today follows:

• Selle Gear Company (Akron, Summit County)
  Total project investment: $3.7 million
  Estimated qualified rehabilitation expenditures: $3,207,252
  Total estimated value of credit: $801,813
• Sunshine Cloak Company Building (Cleveland, Cuyahoga County)
  Total project investment: $7.5 million
  Estimated qualified rehabilitation expenditures: $6,472,220
  Total estimated value of credit: $1,618,055
• M.T. Silver Building (Cleveland, Cuyahoga County
  Total project investment: $9.6 million
  Estimated qualified rehabilitation expenditures: $9,005,000
  Total estimated value of credit: $2,251,250
• William Taylor, Son & Co. Department Store – The 668 Euclid Building (Cleveland, Cuyahoga County)
  Total project investment: $55.9 million
  Estimated qualified rehabilitation expenditures: $65,617,753
  Total estimated value of credit: $16,404,438
• John Hartness Brown Building (Cleveland, Cuyahoga County)
  Total project investment: $27.4 million
  Estimated qualified rehabilitation expenditures: $23,023,200
  Total estimated value of credit: $5,755,800
• Cleveland Athletic Club Building (Cleveland, Cuyahoga County)
  Total project investment: $23.2 million
  Estimated qualified rehabilitation expenditures: 16,586,400
  Total estimated value of credit: $4,146,600
• Second National Bank Building (Hamilton, Butler County)
  Total project investment: $972,608
  Estimated qualified rehabilitation expenditures: $937,888
  Total estimated value of credit: $234,472
• Howell-Sohngen Building (Hamilton, Butler County)
  Total project investment: $3.2 million
  Estimated qualified rehabilitation expenditures: $3,106,754
  Total estimated value of credit: $776,689
• Davis-McCrory Building (Hamilton, Butler County)
  Total project investment: $1.8 million
  Estimated qualified rehabilitation expenditures: $1,817,158
  Total estimated value of credit: $454,290
• Hotel Onesto (Canton, Stark County)
  Total project investment: $6 million
  Estimated qualified rehabilitation expenditures: $5,803,200
  Total estimated value of credit: $1,450,800
• The Hotel Reiger (Sandusky, Erie County)
  Total project investment: $7.2 million
  Estimated qualified rehabilitation expenditures: $7 million
  Total estimated value of credit: $1,750,000

The Ohio Historic Preservation Tax Credit program was authorized for a two-year period beginning July 1, 2007. The program is administered by the Ohio Department of Development with assistance provided by the Ohio Historic Preservation Office of the Ohio Historical Society and the Ohio Department of Taxation.

For more information about the Ohio Historic Preservation Tax Credit and application procedures, visit http://www.odod.state.oh.us/edd/OHPTC/. The legislation establishing the credit and an analysis are available at http://www.legislature.state.oh.us/bills.cfm?ID=126_HB_149.